Manufacturers of Plant Growth Regulators Continue to Uptake Growing Investments in Agriculture Sector
Plant growth regulators have been gaining a marked popularity, in agriculture-driven economies, as bio-stimulants or bio-inhibitors that modify the physiological processes of plants. As agriculture becomes more mechanized and scientific development ensures the possibilities of using novel inputs to improve production, demand for plant growth regulators continue to increase, with sales of approximately US$ 5,600 million in 2018. However, the fact that uncontrolled use of plant growth regulators leads to exceptionally fast crop development, which results into ripening of the fruit surface while its core remains raw, remains a key concern among producers of plant growth regulators and end-users alike.
Plant Growth Regulators Sales Surge with Shifting Focus towards In-house Gardening
The use of plant growth regulators among landscape contractors and lawn care operators has been on the rise, as they become aware about the potential benefits including slow grass growth, improved health & stress tolerance of turf, and better root development, which help reduce the amount of clippings and frequency of mowing. Emerging trends of in-house gardening and farming favoring growth of the plant growth regulators market growth, as more farmers shift towards the use of agrochemicals to enhance crop protection and provide nutrition-rich produce. Demand for natural plant growth regulators also continues to grow, with rapid adoption of organic farming that is influenced by the rising demand for organic and natural products worldwide.
Sensing the unmet needs of the consumers, key plant growth regulators manufacturers are making efforts to identify the white space which is essential to stimulate their business growth; several initiatives and investments in R&D activities are key strategies of plant growth regulators manufacturers for gaining a competitive edge. Increasing government investments and remarkable growth in adoption of integrated crop management practices will further impact the prospects of the plant growth regulators market.
Plant Growth Regulators Sales Surge in Europe with Rising Adoption of Organic Farming Practices
The preference for organic farming is significant in Europe, representing nearly 7% of the total EU agricultural land in 2017, which has significantly influenced the demand for plant growth regulators. The onus on green and sustainable farming practices, along with the focus of consumers on decorative farming and roof gardening, has been paving lucrative avenues for manufacturers of plant growth regulators in Europe.
From the regulatory control perspective, plant growth regulators are identified as ‘pesticide’, and therefore Codex Alimentarius Commission and European Union (EU) have set the ‘Maximum Residue Limits (MRLs)’ for plant growth regulators. Such regulatory constraints along with minimal product innovations may hinder adoption of plant growth regulators in Europe.
As increasing agricultural production coupled with ever-rising demand for food continue to support the expansion of plant growth regulators market, while gains are complemented by investments, and introduction of favorable agriculture policies for farmers. The impact of these aspects on plant growth regulators sales have been particularly prevalent in the developing nations of Asia Pacific - estimated to emerge as a high-growth market for plant growth regulators. Degradation of soil quality owing to overgrazing, deforestation, urbanization, and industrialization, has led farmers in the region to opt for plant growth regulators, which promote effective cultivation of fruits & vegetables, cereals & grains, and oilseeds & pulses.
Plant Growth Regulators Market – Distribution of Shares Remains Fairly Balanced between Leading and Emerging Players
The competitive landscape of the plant growth regulators market has witnessed a perfect balance between the command of leading and emerging players, each group collectively accounting for 35-45% shares. However, local producers of plant growth regulators have been finding it difficult to eat into the shares of their leading competitors – accounting for a marginal market share. In order to maintain their position in the market, leading plant growth regulators manufacturers continue to exploit strategies such as innovative product developments, R&D investments, and joint ventures with government organizations.
In 2017, BASF invested nearly US$ 58 million to build a new innovation Campus Asia Pacific in Mumbai, India. In addition, Tata Chemicals follows their organic format to sell plant growth regulators under the name FarmGro and FarmGro G.
“Plant growth regulators manufacturing companies have to comply with a number of regulations, including those outlining the maximum residue level and side effects of the products. With limited products and inhibitions of product innovation due to lack of investments, especially among local players, it is highly likely that competition in the plant growth regulators market will remain less intense at a country level.” says TMR.
The companies profiled in the study includes BASF SE, Syngenta AG, Dow Chemical Company, Bayer Cropscience, FMC Corporation, Nufarm Limited, Valent Bioscience Corporation, WinField Solutions, Xinyi Industrial Co., Ltd., TATA Chemicals, Adama Agricultural Solutions Ltd, Nippon Soda Co. Ltd, Sumitomo Chemical Co. Ltd, Arysta LifeScience Corporation, and Redox Industries Limited.
TMR recently introduced a new report on the plant growth regulators market that includes key information pertaining to the market. The report on plant growth regulators market offers a detailed market analysis and forecast for the period of 2018 to 2027. This business intelligence study offers actionable insights into the market for plant growth regulators which aids the report readers in effective decision- making for the growth of their businesses. The plant growth regulators market includes key industry trends, significant developments made in the market, potential profit-gaining opportunities, and key strategies implemented by the leading players in the market for plant growth regulators. Split in key sections, the plant growth regulators market research study is a vital business tool tracing all aspects pertaining to the plant growth regulators market.
Key Questions Answered in the Plant Growth Regulators Market Study
- What will be the value of plant growth regulators market in 2018?
- Which are the lucrative segments in the plant growth regulators market?
- Which market trends are expected to stimulate the overall growth of the plant growth regulators market?
- Which are the key companies operating in the market for plant growth regulators?
- Which region is expected to reflect promising avenues for the providers of plant growth regulators?
- What are the key strategies implemented by plant growth regulators market players in a bid to gain greater profitability?
TMR’s detailed report on the market for plant growth regulators is split into sections to help the readers in gaining better market understanding in terms of the individual aspects. The first section of the report is the executive summary that helps the readers in getting a glimpse of the report in brief. The executive summary includes a country analysis of the market for plant growth regulators, competition blue print, along with the inclusion of exclusive assessment and recommendations by TMR.
In this section the report covers the detailed introduction of the plant growth regulators market, which includes market definition and market taxonomy. With this section, the study unveils the various aspects covered in the report.
Following the regulators market overview, the next section discusses key market dynamics shaping the future of the plant growth regulators market. This discussion reveals the micro- and macro-economic factors influencing the market which include GDP, production, consumption, and trade scenario. Along with this, this section includes the analysis of key market drivers, restraints, and trends shaping the future of the plant growth regulators market. The inclusion of trend analysis further boosts the credibility of the report.
Key Indicator, Associated Industry and Supply Chain Assessment
The next section includes an assessment of key indicators and associated industry, including the market size and market forecast, absolute $ opportunity, and Y-o-Y growth. After this, the report includes a supply chain evaluation that provides a detailed understanding of the active participants in the plant growth regulators market. The section concludes with a region-wise pricing analysis, offering assessment of factors influencing the plant growth regulators market pricing.
Plant Growth Regulators Market - Segmentation Analysis
The plant growth regulators market segment assessment allows the report audience to understand all the market segments individually with regards to basis point share and Y-o-Y growth. The regional segments highlighted in the TMR study shed light on the key regions in which the plant growth regulators market is spread.
The final section of the plant growth regulators market offers a detailed assessment of the key players in the market. The inclusion of the dashboard view of the plant growth regulators market allows readers to gain a quick glance of the competitors in the market.
The report on plant growth regulators market compiled by TMR is based on a thorough primary and secondary research and qualitative and quantitative inputs incurred from respondents. Backed by this extensive information, the report includes actionable insights and vital plant growth regulators market forecast which evaluated the total market revenue to be generated by the market for plant growth regulators over the forecast period. During the development of forecast of the plant growth regulators market, the key aspect involved include the sizing up of the current market based on which the market is anticipated to grow in future.
Plant Growth Regulators Market Taxonomy:
By Hormone Type
By Crop type
Oilseed & Pulses
Cereals & Grains
Fruit & Vegetables
Turf & Ornamentals
Middle East & Africa